LOGOS & Ivanhoe Cambridge acquire Pune land for mega Logistics Park

LOGOS, a major logistics real estate company in the Asia Pacific region, has joined forces with venture partner Ivanhoe Cambridge to acquire a 77-acre industrial land parcel in the Chakan industrial area of Pune. The purpose of this acquisition is to develop a large-scale logistics park, with the potential to create over 2.2 million square feet of development. Under the logistics venture between LOGOS India and Ivanhoe Cambridge, known as the LOGOS India-Ivanhoe Cambridge logistics venture, the partners will acquire LOGOS Chakan Logistics Estate and invest Rs 6.5 billion into the project. Trent Iliffe, the managing director of LOGOS, confirmed the investment and emphasised the Chakan site's significance, noting its status as one of the largest industrial zoned lands in the area. With its excellent connectivity to key transportation infrastructure, including the Mumbai-Pune Expressway and Mumbai-Bangalore NH 48, the estate is well-positioned to meet the growing demand from various sectors such as e-vehicles, auto ancillary, and electronics, which are seeking top-quality industrial facilities. The development will be carefully planned with a focus on sustainability, featuring Grade A industrial and logistics buildings. The strategic location of the site offers convenient access to the Pune region from Mumbai's port and other essential infrastructure, making it an attractive destination for warehousing purposes, including industrial, e-commerce, and third-party logistics (3PL) customers. Mehul Shah, the CEO of LOGOS India, expressed confidence in meeting the demand for world-class sustainable infrastructure in the area through this development, highlighting the strong interest from customers. This acquisition marks LOGOS' fifth real estate deal in India, with ongoing projects in Delhi, Chennai, and Bengaluru. It is a significant addition to their portfolio of modern logistics properties in the country. The project is scheduled to commence in August and will be developed in two phases over a period of three years. The land parcel is situated in the MIDC Industrial and Logistics site within the Chakan Industrial area, which is known as one of Asia's largest industrial hubs, accommodating over 1,000 manufacturing enterprises specialising in electronics, engineering, automobiles, and e-vehicles. LOGOS and Ivanhoe Cambridge are committed to sustainability, and this project will incorporate leading environmental initiatives. These initiatives include a minimum of seven acres of Miyawaki forest plantation, solar power generation, ground water recharge, and distribution to warehouses and common infrastructure. LOGOS currently operates four logistics parks across Bengaluru, Chennai, and the National Capital Region (NCR), with a combined gross leasable area of 5.7 million square feet. Out of this, 4.8 million square feet is already leased. The company has invested approximately Rs 17 billion for the development of these properties. India's favourable regulatory environment and government support through policies and reforms have boosted infrastructure spending, resulting in increased demand for modern warehousing. A recent study has shown a sustained rise in demand, driven by growing manufacturing investments, the expansion of e-commerce, and the growth of 3PL companies following the Covid-19 outbreak. This has led to higher warehousing rentals across India's key logistics property markets, positioning cities like Mumbai, Bengaluru, and the NCR among the top-10 logistics markets in the Asia Pacific region based on their performance in 2022 and the robust outlook for 2023. Also Read Arihant Superstructures' net profit falls drastically in Q4 FY2Inauguration of 210 affordable homes in Kamalanagar